GEORGE TOWN, Aug 14 — Pulau Jerejak has the potential to be developed as a financial hub to complement the semiconductor and high-tech sector in Bayan Lepas.

Deputy Investment, Trade and Industry Minister Sim Tze Tzin said based on a briefing from developer Ideal Property, about 32.37 hectares on Pulau Jerejak are slated for an integrated development.

The project comprises a financial centre, resort, serviced apartments and hotel, creating an ecosystem that can attract investors to set up operations there.

“Penang is the high-tech industry hub of Malaysia, but we lack money and investors. We even lack financial institutions to help take our tech companies to the next level.

“We need investors, so I think this Pulau Jerejak project will be good to complement our high-tech sector,” he told reporters after distributing Jalur Gemilang flags in conjunction with Merdeka Day at a food premises in Sungai Nibong today.

Sim, who is also Bayan Baru MP, said the government supports turning the area into a financial zone to attract venture capitalists, banks and private equity firms to open offices near the Bayan Lepas industrial area.

Sim explained that about 85 per cent of Pulau Jerejak has been gazetted as a forest reserve. Development is only allowed on land acquired by the developer and is subject to height restrictions because the area lies within flight paths.

On a related note, he said a new bridge connecting Pulau Jerejak to the Penang mainland is expected to support the island’s development.

He said the one-kilometre bridge is estimated to cost RM500 million, with preliminary road-widening works scheduled to begin next month.

“It is expected to take three years to complete, with a target date of March 2029. It will have four lanes, as well as pedestrian and bicycle paths,” he said.

He said access to the bridge is planned from the roundabout near Queensbay and Jambatan Harapan, linking to the Tun Dr Lim Chong Eu Expressway.

Sim has proposed an iconic bridge design to turn it into a landmark, and the developer has agreed to bring in two international designers and a local architect to bring the vision to life.

The Penang Island City Council approved planning permission for the redevelopment of Jerejak Rainforest Resort and mixed-use development in March 2018, while the state government gave the green light for the bridge connecting Pulau Jerejak to the mainland. — Bernama